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Cadillac teams up with TSM for first-ever esports partnership
Welcome to the club, Cadillac.
It’s not that unusual for top-tier esports organizations and events to attract major corporate partners. Think of Gucci teaming up with Fnatic to create a watch that mere mortals could never afford. (Or FaZe Clan getting together with Casio for a somewhat more attainable timepiece.)
When it comes to prestige brands, however, not many come with the sheer sparkle of Cadillac. Whether it’s totally justified in the modern era is a matter for debate elsewhere, but just the name of General Motors’ luxury-vehicle division retains its lustre. Just how much lustre, you ask? Consider this passage from a 2009 New York Times article:
“The Cadillac of such-and-such” became such a popular form of praise in the late ’40s and ’50s that even advertisers of relatively small-ticket items borrowed the brand name to bask in its reflected glory. Hillquist sold “the Cadillac of all trim saws,” a Huffy children’s bicycle was “the Cadillac of the sand-pile set,” Rock-Ola was “the Cadillac of phonographs” and so on. G.M. didn’t object to this appropriation, since it only further boosted the status of the Cadillac brand. After all, according to a 1959 advertisement, Cadillac was “the world’s best synonym for quality.”
The pairing makes a lot of sense
Now, Cadillac is partnering with an esports organization for the first time. And that’s kind of a big deal. TSM issued a press release today that officially named Cadillac as its “exclusive automotive partner”.
The pairing makes a lot of sense. After all, TSM (a.k.a. Team SoloMid) is one of the leading organizations in esports. TSM has active rosters in everything from League of Legends and Rainbow 6 Siege to Super Smash Bros. and Teamfight Tactics.
So what does the deal entail? Well, here’s what today’s press release says:
The campaign kicks off with the unveiling of the all-new TSM jersey prominently featuring the iconic Cadillac logo. The partnership will offer avid TSM and esports fans alike access to exclusive streaming events, custom video and social media content, and experiential events and activations at the brand new, state-of-the-art TSM Performance Center.
That’s right: “experiential events and activations”!
No idea what that means.
As for the new jersey, you can see it this video from TSM’s YouTube channel:
An “iconic global brand”
“We are thrilled to be partnering with such an iconic global brand like Cadillac,” said Ned Watkins, TSM’s senior VP of sales. “Cadillac has a century-long history, a commitment to innovation, and worldwide recognition that aligns perfectly with TSM’s performance and excellence pillars.
“We are humbled and excited to team up with Cadillac through their first esports partnership and add them to TSM’s existing family of stellar brand partners,” Watkins added.
“Cadillac is excited to enter the esports space as part of the TSM family,” said Bryan Steele, manager of emerging media and partnerships for GM. “Whether on the road, or on the Rift, our organizations place an incredibly high value on innovation and craftsmanship. Given our shared values, and the pedigree of Cadillac and TSM, it was a natural fit to team up with one of the most decorated esports teams in the world.”


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MENA, 19 May 2022: In line with Samsung Electronics’ efforts to continuously coordinate with global markets on growth strategies, and the latest industry trends while also highlighting product launches and remarkable milestones, TM Roh, President and Head of Samsung Electronics’ MX (Mobile eXperience) Business, visited the MENA region where he met with the senior MENA executives of Samsung’s markets in Morocco.
During the visit, TM Roh commended the achievements of the MENA markets in the mobile division including the significant leap in sales for the S22 series and its sustainability vision.
In his comments, TM Roh said “Our vision is to become an innovator of new mobile experiences and the success of the Galaxy S22 series is living proof of that commitment. We take a user-centric approach to innovation – we listen to what they tell us they want and deeply value their feedback, which we use to innovate devices that we know will enrich their lives in meaningful ways.”.
In relation to MENA recent S22 successful launch, Alex Lim, Samsung Electronics President of MENA, said “the middle east smartphone business is growing every year and the S22 is selling well. We are grateful for the customer’s response as we are showing more than 25% higher sales performance than S21. More important than sales, however, is the satisfaction of Middle Eastern and Moroccan customers.”
Samsung also recently announced the sustainability vision and TM Roh said “We cannot push the boundaries of technology without recognizing the impact of our actions on the world around us. Guided by our sustainability vision, Galaxy for the Planet, Samsung puts delivering positive environmental impact at the center of our innovations. The Galaxy S22 series represented a crucial step in that journey, as the first smartphone that incorporates recycled ocean-bound plastic made from discarded fishing nets. We’ve continued to use recycled ocean-bound plastic in key components of our Galaxy Tab S8 series and Galaxy Book 2 Pro series.”
About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com/mena.

domain: news


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July 21 2022
A new update has been released for No Man’s Sky Update 3.94 is now available for download, for all platforms, including PS4, PS5, Xbox One, Xbox Series S/X, and PC.
No Man’s Sky
– Capital ship hangars have been visually updated, with additional details, features, NPCs and VFX.
– A teleporter has been added for instant access between the freighter hangar and the bridge.
– The mandatory corridor in freighter bases has been removed, allowing players to fully customise their freighter base layout.
– Player-constructed freighter bases are now populated dynamically by specialised crew members, as well as hired squadron pilots and frigate captains.
– Players can now dismiss their own freighter in order to visit the freighter base of another group member.


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As we transition into 2016, what capabilities are companies looking for in a global trade management solution? Maintaining transparent relationships with suppliers will be key this year, as strategic sourcing increases and customers express interest in where their products come from. As before, organizations looking to expand their operations in China will need expertise navigating Process Trade and other regulations. Additionally, shippers require agility in their supply chains to avoid and even predict bottlenecks, natural disasters, and other disruptions.
The Technology Evaluation Center (TEC) recently looked into the benefits that companies have been looking for – and what they found in Amber Road’s solutions. For example, Axalta Coating Systems, a global company that develops, manufactures, and sells performance and transportation coatings to more than 120,000 customers in 130 countries, recently deployed Amber Road’s Export On-Demand solution—cloud global trade management (GTM) software.
The coatings company sought a cloud GTM solution deployed in a software-as-a-service (SaaS) module so it could implement it fairly quickly and at lower IT cost on a global basis. You can learn more about how Axalta addressed compliance requirements globally and minimized risk by reading our blog post from November.
Amber Road also offers broad China trade expertise, helping customers take advantage of China’s maze of trade regimes, particularly with the advent of China’s new FTZs, increased regulations, and its upcoming “five-year plan” (2016-2020). Siemens, a global electrification, automation, and digitalization technology provider and one of the largest foreign-invested companies in China, recently selected Amber Road’s China Trade Management solution to centralize and automate its Customs and China Inspection and Quarantine (CIQ) procedures for all of its China-related import and export activities. The powerhouse company wanted a solution to help it increase transparency in its trade, reduce costs, and speed up the flow of imports and exports. Learn more about Siemens’ project in our blog post here.
TEC also investigated Amber Road’s many differentiators, including the depth and breadth of trade compliance content; recent acquisitions that have added more functionality to the solution; and its enterprise technology framework. Learn more about TEC’s evaluation of Amber Road’s solutions for 2016 in their article here.
This post was published on January 8, 2016 and updated on January 8, 2016.


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According to an Italian trade union official, the carmaker, which just recently acquired full control over Chrysler Group LLC, will present a Jeep-branded small sports utility vehicle (SUV) at the Geneva car show in March.
Besides the highly anticipated small Jeep – which the automaker sees as a key asset to top 1 million delivered units for the US brand in 2014, the Paris show in October will also bring the sibling, the 500X small crossover vehicle.
Fiat SpA, who just completed the merger with the US arm and is now ready to consolidate its business also announced it will seek a New York stock exchange listing, in addition to the one in Milan, will move the official base of the newly formed Fiat Chrysler Automobiles to the Netherlands and its tax base to London. The group is also poised to present in early May a new industrial plan, outlining further its planned new investments and models.
In regards to the two models in question, Ugl trade union official Pino Giordano said in a statement that both cars will be produced at the Melfi plant in the southern Italian region of Basilicata, which currently builds the Grande Punto. He added that work to adapt the production line at Melfi to produce the two new models was already underway.


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boAt launches special edition products in collaboration with Netflix
boAT’s Netflix-themed products come from three distinct categories – wireless headphones, TWS earbuds, and neckband-style Bluetooth earphones. The devices come with three unique paint shades and Netflix branding.
The boAt Nirvana 751 ANC wireless headphones cost Rs 3,999, the boAt Airdopes 411 ANC TWS earbuds cost Rs 1,899 and the boAt Rockerz 333 Pro cost Rs 1,299. Buyers who purchase the device early will also stand a chance to win gifts and prizes that include boAt and Netflix merchandise. The special edition headphones and earphones will be available from December 20th onwards on Amazon, Flipkart, Myntra and the boAt website.
boAt Stream Edition specifications
boAt Nirvana 751 ANC
The boAt Nirvana 751 ANC are a pair of over-the-ear headphones that have received the Stream Edition treatment. It gets 40mm drivers, ANC, Bluetooth 5.0, support for Siri and Google voice assistant, 10 hours of playback in 10 minutes, etc.
boAt Airdopes 411 ANC TWS
The boAt Airdopes 411 ANC comes with 10mm drivers and Bluetooth v5.2 which helps in quick pairing. It gets ANC and supports features such as touch controls, voice assistants like Siri and Google Assistant, IPX4 water resistance rating etc.
boAt Rockerz 333 Pro
The boAt Rockerz 333 Pro gets 10mm drivers and is powered by a 150mAh battery. The neckband-type Bluetooth earphones get the users 20 hours of listening in 10 minutes. The device is IPX5 weatherproofing rated and gets Bluetooth 5.2 connectivity.


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WFS to boost logistics infrastructure at BLR as perishables trade grows
Already-growing perishable cargo demand out of India could see further momentum as air cargo specialist ...
The Covid-19 crisis has accelerated the pace of trade diversification from China, bringing industry buzzwords like near-shoring, re-shoring or friend-shoring increasingly under the spotlight.
This market reconfiguration has, undeniably, boosted some of the emerging economies in South Asia, with Vietnam seen as the primary beneficiary because of its first-mover advantages. But other nations are catching up as opportunities grow.
After Foxconn and Apple, Amazon is taking an investment leap in India.
The digital giant is looking to pour some $13bn into cloud infrastructure in India by 2030 through Amazon Web Series (AWS), which it believes will “support” some 132,000 new jobs a year.
AWS already has two data centres in India – one at Mumbai that kicked off in 2016 and the other at Hyderabad that began at the end of last year, with combined investment currently pegged at some $3.8bn.
“This investment is estimated to contribute $23.3bn to India’s total gross domestic product by 2030,” it said.
New Delhi has, of late, put a heavier focus on digital developments.
“The ministry is also working on a cloud and data centre policy to catalyse innovation, sustainability and growth of India Cloud,” Rajeev Chandrasekhar, India’s minister of state for electronics and information technology, said in a statement.
That’s not all. Some firmer investment signals are also emerging from US automaker Tesla for the manufacture of electric vehicles, after the Elon Musk-led company abandoned tentative plans a year ago, reportedly, over high import duties in India. A production-linked incentive scheme, laid out by New Delhi for EVs and battery technologies, seems to have reignited interest.
Tesla officials were in India last week to re-pitch their proposals and better understand pro-industry policy guidelines.
The latest survey carried out by DP World as part of what it called the “economist impact research programme” highlighted ongoing trade realignments.
“Reducing the length of supply chains, either through near-shoring/regionalisation or reshoring, has risen since the 2021 survey,” it said. “Diversification is still the primary strategy, but there’s a shift towards regionalisation and reshoring.”
Another market research by McKinsey & Company, following the pandemic-induced supply chain turmoil, found that some 70 per cent of apparel and fashion companies were planning to increase their nearshoring share by 2025.
Lending credence to that report, Bangladesh has already consolidated its apparel market share. But the subcontinent nation has enormous supply chain challenges to deal with, as it relies mainly on cargo transhipment on the ocean leg and fewer airline services for airfreight.
Amar More, CEO of Mumbai-based Kale Logistics Solutions, noted that the pandemic significantly redefined the supply chain playbook for industry verticals across the continents.
“Globalisation is now being reconsidered for near-shoring, which ensures resilient supply chains and quicker transits from manufacturers to customers,” he told The Loadstar.
According to Mr More, this reconfiguration presents greater economies of scale for air cargo, given the speed at which trade occurs. “We now have 3PL players getting into airfreight operations, which will further strengthen this trend inasmuch as one entity will be able to handle land and air operations more holistically,” Mr More added.
While so-called dual sourcing strategies are finding more takers, it still remains to be seen how the final shape will play out as China continues to command the bulk of world production and trade flow.
EXCLUSIVE: Indian digital forwarder Freightwalla shuttered
Peak season hopes dashed as freight rates slip again
Airlines that adapt quickly will survive likely freight pain in H2
Box lines look to slash their bloated equipment pools
US shippers put on high alert over double-brokering fraud
Pessimistic Yang Ming to refocus on 3PL, terminals and yards
Digital forwarder Freightwalla's failure reveals home truths
A joint DHL + Mærsk effort – what investors want
Will US seize C17 commercial opportunity as Antonov grasps monopoly?
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Sleepypod, a Pasadena, California-based company known for redefining pet products, today unveiled Clickit Terrain car safety harness for dogs. In crash tests, Clickit Terrain delivers higher performance results than any of its top performing Sleepypod car safety harness predecessors. It reduces the forces on the highly vulnerable chest area by 10 percent. Watch Clickit Terrain crash test video footage here.
Clickit Terrain was crash tested at the standard for child safety restraints. …
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WHEN CRAIG and Vicki Leuthold built their winery in one of the more obscure regions of the Pacific Northwest, few would have thought it would become one of the state’s best and most-visited destinations.
Yet that is what has happened with Maryhill Winery in the past dozen years. The Leutholds selected a remote cliff near the quirky Maryhill Museum for their winery, making just a few thousand cases.
That has since expanded to nearly 100,000 cases, a fantastic tasting-room experience to accommodate the nearly 100,000 visitors the winery receives each year and a 4,000-seat amphitheater that attracts top musical acts.
Maryhill first made its mark a decade ago when its zinfandel topped more than 100 California examples at a wine competition in Sonoma County. About 2,000 medals from regional, national and international competitions since have burnished respect for Maryhill in the eyes of consumers and critics alike.
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The winery also has gone through growing pains. The Leutholds struggled to find the right winemaker who could take Maryhill to a new level of quality and quantity. But in 2009, New Zealand native Richard Batchelor arrived in tiny Goldendale, Klickitat County, and he has turned out to be a superb fit for Maryhill.
In his first vintage, he crafted universally delicious wines, then his skills went on greater display with the difficult 2010 vintage. That was when Batchelor and the Leutholds decided to launch a new tier called The Vineyards, which spotlights favorite vineyards from various regions in Washington wine country. The wines were wildly well received, and the 2011 versions are now on the market.
Also this summer, Maryhill teamed up with Major League Baseball to produce Mariner Red and Mariner White, two wines for the Seattle club. They entered the retail market in July.
While Maryhill’s wines are available across the country, the best way to enjoy them is by visiting the winery. It’s 100 miles east of Portland atop basalt cliffs overlooking the Columbia River and affording stunning views of the Gorge and Mount Hood. The Leutholds have created a truly magnificent destination.
Andy Perdue is a wine author, journalist and international judge. Learn more about wine at www.greatnorthwestwine.com.


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BEIJING – China’s Foreign Ministry Spokeswoman Hua Chunying said the United States was to blame for flip-flopping in bilateral trade talks, after President Donald Trump warned Beijing against waiting out his first term to finalize any trade deal, adding that if he wins the re-election, the outcome will be worse for China.
“When conducting trade and economic negotiations, the US must give up its pressure tactics. The US must prove its sincerity and act honestly to reach a trade agreement,” she noted at a briefing, RIA Novosti reported.
Earlier, as US-China trade negotiations were underway in Shanghai, Trump underlined that “the problem with them waiting … is that if and when I win, the deal that they get will be much tougher than what we are negotiating now … or no deal at all”.
The two countries have been embroiled in a trade dispute since June 2018, when the US president slapped 25 percent tariffs on Chinese goods worth $50 billion in a bid to fix the bilateral trade deficit. In May, the United States intensified the trade war when it imposed a 25 percent tariff on another $200 billion worth of Chinese goods. China, in turn, pledged to retaliate by hiking tariffs on $60 billion worth of US imports in June.
Since then, the two sides have exchanged several rounds of tariffs, but signs that the conflict was nearing a resolution appeared during Trump’s meeting with Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Osaka in June. At that time, Trump stated that the United States won’t add fresh tariffs on Chinese exports. A new, 12th round of US-China trade consultations started on Tuesday in Shanghai. Negotiations reached an impasse after the 11th round, which took place in the first half of May in the United States.
The United States has been notorious for breaking already arranged or soon to be arranged agreements. One of President Trump’s first moves, right after he took office, was canceling the Trans-Pacific Partnership agreement (TPP). Later on, he went on to unilaterally withdraw from the Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran nuclear deal. Soon afterward, the Intermediate-Range Nuclear Forces Treaty (INF Treaty) was canceled by the US President in February this year, which contributes to yet another arms race with Russia.


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O2 have just launched their O2 Guru TV channel on YouTube – a series of videos giving you tips and advice about your mobile devices from phones, to tablets, to home broadband and money saving tips.
Following last year’s launch of the in-store Guru service, which currently employs 150 Gurus in O2 stores throughout the country, O2 Guru TV is a series of over 400 instructional and informing videos covering a range of common questions and issues about setting up and using mobile devices. New videos are being added every month and the videos, aimed at everyone not just O2 customers, are not sales tools for O2 products and services but useful tips for any mobile user.
Sally Cowdry, Marketing Director, O2 said; “O2 Gurus are our most passionate and knowledge experts and can translate complex gadgets into something that everyone can easily understand. We know how much customers value our in store Gurus and with the launch of O2 Guru TV we’re making it even easier for anyone to get technical help and advice from O2.”


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Apple is knocked off as world's most valuable brand
Apple, the most valuable brand in the world for the past five years, has yielded the top spot to Google, according to a new report.
The iPhone maker's brand value has plummeted 27% to $107 billion since the start of last year, according to Brand Finance’s Global 500 2017 report. Google’s brand, however, is now worth $109 billion, making it the most lucrative in the world. It is the first time the search giant has topped the list since 2011.
After Google and Apple are Amazon, AT&T and Microsoft.
Google’s place as the dominant search engine safeguards its stream of advertising revenue, which increased 20% last year. The uptick occurred even though marketers are paying less for page views generated by those searching online.
Apple, meanwhile, is losing its grip on some tech-crazed consumers. The Apple Watch has not been the moneymaker the company had hoped it would become. A company that was once renowned for its innovation is not signaling that it has another unique product coming anytime soon. And Apple’s list of competitors in the smartphone space is continuing to grow, the report says.
This week, however, Apple showed that its signature iPhone still has the potential to be a profit machine, buoying investors.
Robust sales of the iPhone 7 and iPhone 7 Plus over the holidays led to the tech giant to just report it earned $17.9 billion, or $3.36 a share in the first fiscal quarter ended Dec. 31. Though the net income was off 2.7% from $18.4 billion in the same quarter a year ago, revenue was a record-setting revenue of $78.4 billion. Apple beat analysts' profit expectations.
Meanwhile, Google's parent company Alphabet reported reported net income of $5.33 billion, or $7.56 per share, for the fourth quarter. It missed analysts' estimates, though revenue soared 22% to $26 billion. The revenue growth was propelled by mobile search, video ads, and its expansion in newer business lines like cloud computing.
While technology was dominant among the world's most valuable companies, the banking industry was next in having the most lucrative brands, followed by the telecom sector, retail and the car industry.


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The game was originally touted by Epic as a PvE survival title without direct PvP and has taken heavy criticism over its punishing business model and progression system. Nevertheless, Epic announced earlier this month that its next patch will introduce PvP in the form of a battle royal-style mode, rather upsetting its early buyers. That update is due out on September 26th, and today, the studio’s issued an addendum: While the original “Save the World” PvE part of the game will remain in “paid early access,” the PvP-oriented, 100-man “Fortnite Battle Royale” map will instead be “free for everyone on PC, PlayStation 4, Xbox One and Mac.”
PvE players on Reddit, who bought the game in early access when it launched just a few months ago based on its PvE-centricity, are not pleased at all, arguing that it will split the playerbase as well as distract from the original PvE goals of the game. “It’s now a free PvP game with a $40 PvE mode,” one noted. “I continue to be concerned for the state of PvE in this game.” (They may not even be wrong. Just ask H1Z1: Just Survive players how this story goes.)
Epic has stated it is granting refunds if you purchased the game in the last week, so we urge you to jump on that if you’re similarly ticked.


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The next few months will be crucial not just for China's trade relations, but for the global trading system. At the same time as trying to live with US-East Asia trade imbalances . the greatest the world has seen – nations are trying to negotiate further liberalization of trade in goods and services.
September looks to be a particularly critical month as Europeans and Americans return to work from summer holidays, the US Congress reassembles, the World Bank/IMF annual meetings take place and the WTO negotiations on the Doha Round reach a crucial stage. The WTO is due to hold a decisive ministerial meeting in Hong Kong in December. Unless major progress can be made before then towards agreement on issues such as farm trade and services, there will little in the way of a basis for final horse-trading in December.
Failure of the Doha Round, which an unproductive meeting in Hong Kong would represent, would not only be a setback to further liberalization. Lack of progress on agriculture would disillusion many developing countries that have been trying to pursue more open trade. It would likely cause other countries to shift from multilateral to regional and bilateral trade deals. These usually make more political than economic sense and tend to divert, not create, trade.
On the face of it, the outlook is not bright. The US and China are mired in a long-running dispute over currency valuations, with one arguing that a weak, pegged yuan is creating the trade imbalance, and the other that the problem lies in excess US consumption. That both are right does not solve the problem. Nor does it help that both have entrenched public positions that again owe more to politics than economics.
Meanwhile, China has been engaged in a high-profile trade dispute over textiles with the US and the EU in the wake of last year's ending of the quota system embodied in the Multi Fibre Arrangement (MFA). This restoration of market forces to textiles has naturally led to some big supply shifts benefiting China and some other countries. The impact on US and the EU producers has doubtless been exaggerated, but democratic politics, particularly in the US, has required a protectionist response. China is also accused of intellectual property violations. In Europe, the vote against the EU Constitution has been seen in some quarters as a vote against globalization and free trade and making farm trade reform a harder sell than ever.
However, there is no need for outright gloom. First, the textile issue is unlikely to be permanent. The EU and US restraints against China have been in accordance with procedures and can at best provide only temporary relief from market forces. There is a framework for settlement of the issue. Meanwhile, China faces lost opportunity more than lower exports. Temporary restraints should mollify Congress without as in the case with steel tariffs two years ago – becoming a permanent barrier to trade.
Secondly, the currency issue may be manageable once East Asian countries as a group recognize the potential benefits of stronger currencies in suppressing inflation, boosting local consumption and stimulating regional trade. All realize that the US cannot continue its consumer import binge forever and that investment of their reserves in low-yielding and increasingly lower-grade US debt is not a wise long-term strategy. The US and east Asia all recognize that there is a delicate balance of interests involved here and that imbalances must be resolved in a way which acknowledges their mutual dependence – Asia on US exports, the US on Asian savings.
Unfortunately, by focusing on China rather than on east Asia as a whole, the US has made currency change more difficult. It would have been much easier had the US applied its pressure to countries with proportionately much bigger overall surpluses i.e., Japan, Taiwan, Korea and Malaysia.
Currency moves by East Asia will not solve the US deficit problem, but they could take much of the political heat out of the issue. The negative impact of revaluation is probably a lot less than the threat of specific anti-China measures, which must now be viewed as a real possibility given the mood in the US Congress.
On the Doha front, much now depends on whether developing countries will give some concessions of their own in return for a breakthrough an agriculture. Time is short but the prospects are not too bad. China, as a relatively new WTO member and one nervous of being thought a threat to smaller developing countries, has been keeping a low profile but will not be an obstacle to agreement. Despite much rhetoric, India and Brazil recognize that, for different reasons, they have plenty to gain from the success of Doha.
Of course, broad agreement by the major players does not easily translate into meeting the diverse specific demands and interests of members – of which there are 148. It could yet fail over such issues as African cotton or protection for small African and Caribbean sugar producers.
But there may also be a growing recognition that regional and bilateral deals are a poor substitute for multilateral progress. While sounding good on paper, they easily create a "spaghetti bowl "of tariff levels, preferences and rules of origin which are disruptive of trade. That is especially the case in east Asia, the hub of so many manufacturing and distribution systems – which rely on specialization of production and exchange of parts and processes between two or more regional economies before finding their way to end users in the West and elsewhere. These are particularly vulnerable to varied rules of origin.
It is fitting that the crucial Doha meeting will be in a territory which has long been not only a primary beneficiary of multilateralism in trade but is now the logistics hub for these manufacturing and supply systems. For its own sake as well as the good of the Hong Kong Special Administrative Region, China will want to do all it can to help the success of the meeting and hence of the Doha Round. A statesmanlike approach to current difficult trade and currency issues will surely earn China thanks and respect from its global partners.
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Apple and Amazon will no longer pay the $195M fine for their collusion case last year after the judge scrapped the penalty.
Kim Kardashian reached a settlement with the SEC for charges related to her EthereuMax promotion on social media.
SPC Group is set to open a new Paris Baguette store as part of its effort for market expansion in Europe.
Japan's Prime Minister announced the expansion of NFT and Metaverse in the country with new investments.
McDonald's welcomes Disney executive Kareem Daniel to its board which brings the number of directors to 15.
HSBC is reviewing its business in Canada, and the possible 100% sale will mean its total exit from the country.
If approved by SAMR, the formula will give Bubs access to the remaining 80 percent of China’s $25.9 billion infant formula market.
Mondelez's Oreo announces comeback of its Pumpkin Spice Sandwich Cookies after 5-year hiatus
Oreo, the chocolate sandwich cookie brand, announced this week that it will be bringing back its Pumpkin Spice Sandwich Cookie flavor after being absent from the scene for five years. The popular Oreo flavor will be returning but for a limited time only.
Apparently, the cookie maker is offering this flavor again in time for the fall season. But the company is bringing this in advance, ahead of the colorful season. As per CNN Business, the Pumpkin Spice Sandwich Cookies are set to arrive on August 15.
The limited-edition Oreo flavor offers two golden Oreo cookies filled with pumpkin spice cream in the middle. Its color also reminds people of the fall which is why many think of the season when seeing pumpkin-colored or flavored items.
In fact, many other major brands from beverage makers to food producers, have already prepared pumpkin-flavored versions of their products. Even beer companies have created their own pumpkin-tasting drinks. Starbucks and Dunkin’ Donuts are also offering various drinks, bread, and other treats inspired by the pumpkin.
We’re pumpkin spicing things up ???— OREO Cookie (@Oreo) August 3, 2022
OREO Pumpkin Spice Cookies. On shelves 8/15. pic.twitter.com/IRYsRiQHSS
But then again, these are only listed under the seasonal items so they are only present on the menu during the fall or autumn season. Alexander Chernev, a marketing professor at Northwestern University's Kellogg School of Management, said that seasonal products are considered an important marketing tool, especially in the food business.
"You need consistency because that's the brand mantra," the professor told CNN Business in a previous interview. "But no matter how much you like something, consuming something different increases the enjoyment of what you consumed before."
Meanwhile, Oreo, which is owned by Momdelez International, is known to regularly release products for a limited time. These are unique flavors that usually excite the consumers so they are always big hits when made available in the market. The company also taps well-known artists to promote the new products and this strategy further assures the success of the limited items.
What is a semiconductor? An electrical engineer explains how these critical electronic components work and how they are made


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– Gets new exterior shades
– New RXL (O) variant introduced
Renault India has launched the 2022 Kwid hatchback in India at a starting price of Rs 4.49 lakh (ex-showroom). With the model year update, the budget hatchback is now available in a new RXL (O) variant and new exterior shades.
As for the exterior, Renault has now jazzed up the colour scheme of the Kwid with a new Metal Mustard and Ice Cool White exterior colours. These are paired with a black roof and new dual-tone flex wheels and can be had with the top-spec Climber edition. The Kwid will continue to be offered with Moonlight Silver and Zanskar Blue monotone colours as well.
In terms of features, the Kwid is equipped with an eight-inch touchscreen infotainment system, electrically adjustable ORVMs, LED DRLs, reverse parking sensors and camera with guidelines, dual front airbags, ABS, and seatbelt reminder.
The Renault Kwid can be had with two engine options – 0.8-litre and 1.0-litre petrol engines. The former is tuned to produce 53bhp and 72Nm torque while the latter produces 67bhp and 91Nm of peak torque. The transmission options include a five-speed manual and an AMT unit. The 0.8-litre mill also claims an ARAI mileage of 22.25 kmpl.


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Japanese logistics technology start-up Openlogi has raised JPY1.7 billion ($16.7 million) in an ongoing Series C round featuring Sumitomo Corporation.
Equity investors include Sumitomo, Shinsei Corporate Investment, Logistics Innovation Fund, Significant KID Corporation, and local accelerator Chiba Dojo, as well as Pegasus Tech Ventures, the corporate...
Pine Labs, an India payments start-up backed by MasterCard, PayPal, and Sequoia Capital India, has acquired Fave, a Malaysian counterpart also backed by Sequoia India, for $45 million.
Southeast Asia-focused ride hailing and local services platform Grab has agreed to go public in the US through a merger with a special purpose acquisition vehicle (SPAC) at an enterprise valuation of $30.4 billion.
Lever VC, a Hong Kong-based food tech investor, has achieved a fourth close of $46 million on its debut fund, claiming 2.3x growth in the value of the portfolio since 2019.


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Mooyah Burger Fries and Shakes has opened a third branch inside the RUW Corner along Riffa Ave offering dine-in, take-away, deliveries and outside catering. Like its sisters in Juffair and Amwaj, the restaurant has upbeat interiors that match the concept’s high-quality food and friendly staff. Watch out for promotional campaigns on Instagram at #mooyahbh.
Sumo Sushi & Bento serves fast food Japanese style. The dining place has been in Juffair nine years and has now opened its third location, at The Walk in Riffa, offering the freshest sushi and hottest bento as well as outside catering. The company has also launched a new
menu and environmental sustainability programme alongside regular promotions.
Café Blanc Lebanese Kitchen is also a part of the Al Merbati family. In operation since 2010 at Al Aali Shopping Complex, the venue is looking forward to being part of One Bahrain’s vision to support local suppliers by using vegetables grown in the Kingdom. Sustainability is also on the programme to help maintain the environment of the country.


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Investing in the Digital Transformation Gives These 3 Firms an Edge
I’ve touched briefly on the digital transformation recently. It’s the biggest disruptor since the invention of the computer. And it will impact how businesses and consumers interact.
And I’m not just referring to how it will propel Accenture (ACN) into unforeseen profits, as I’ve mentioned before. The digital transformation is bigger than one company.
It is the collision of electronic data, artificial intelligence software and inexpensive computer processing. Dell Technologies says that 91% of businesses struggle with it.
Savvy investors should already be prepping their portfolios. The firms that have a solid plan forward into this new digital age are blazing a path for the rest. And this is a powerful wave that any serious technology investor should start riding immediately.
Take a look at these examples …
No. 1: McDonald’s — Redesigning the Drive-thru.
Fast-food giant McDonald’s (MCD) makes 70% of its sales from customers who prefer not to get out of the car. The problem is the company has no idea what the customer is going to order when they pull up. A complicated choice can back up the whole line.
To speed things up and boost sales, McDonald’s executives began working with Dynamic Yield, a company that makes personalization software based on artificial intelligence.
The code allows McDonald’s to dynamically change drive-thru order menus. Let’s say the customer selects a Big Mac. The system might then automatically suggest a combo package, or perhaps an Oreo McFlurry if it’s hot outside.
During peak hours, hard-to-prepare items like scrambled eggs might get eliminated entirely. Shrinking drive-thru lines come with the added benefit of influencing what customers order, in real-time, across the entire network of stores.
The digital transformation will allow smart programming to influence your decision-making as a consumer. Meanwhile, McDonald’s maximizes efficiency and their bottom line.
No. 2: Caterpillar — Mining Gold in Hell.
Caterpillar (CAT) is building custom electric loaders, excavators and other robotic gear for a new mining project. Partners Rio Tinto (RIO) and BHP Billiton (BHP) are building a new mine in the middle of hell. The Superior, Ariz., project is nearly 7,000 feet below the Earth’s surface. There, temperatures routinely hit 175 degrees. Warm water falls from overhead rocks like rain.
It’s a project that never would have been approved in the past. Beyond the danger to the miners on the ground, the technological difficulties of the environment boggle the mind.
But with CAT’s new sensors, the equipment will be able to achieve full automation. Its distinctive yellow machines will find the ore, mine it and transport it to the surface … all under the watchful eye of technicians hundreds of miles away.
Geopolitical volatility is pushing gold higher. Back in January, it hit a new six-year high before pulling back slightly. And if my colleague Sean Brodrick is right, it’ll keep going higher.
But easy-to-mine sites have been mined dry already. As overall supply decreases, tough-to-mine sites like this will become the norm. And CAT’s sensors will ready.
No. 3: Callaway Golf — Breaking through convention
Callaway Golf’s (ELY) new line of Mavrik drivers bear little resemblance to
the cookie-cutter golf clubs of the past, and for good reason.
Mavrik wasn’t designed with human eyes. Instead, Callaway tapped a supercomputer and AI software to shape the metal in ways that surprised
For four weeks, 24/7, a supercomputer crunched through algorithms and simulations. After each iteration, the computer made subtle changes and diligently moved on. In the end, the club face it designed was noticeably thinner in the middle. But the biggest difference was on the backside.
While normal clubface backs are smoother than the greens at Augusta, Mavrik features swirls and seemingly random lines. Some parts are thin, other parts are thick. Alan Hocknell, Callaway’s senior vice president of research and development, says “the computer stretched our way of thinking” about the research and design of their product.
Data and new digital tools helped solve a design problem that would have been impossible if company engineers were left to traditional devices.
Smart investors should take note of the trend here. The best companies are using data analytics and artificial intelligence to deliver better products to customers, faster.
For a long time, product development was essentially a high-stakes game of hit and miss. Companies came up with good ideas; then they ran focus groups and assembled prototype teams. They put together marketing squads to gussy up the end product. Then they sold it … or tried to.
Digital transformation tools are removing a good portion of hit and miss. They’re minimizing investments into growth while maximizing profits.
Growth investors should keep an eye on the companies leading this charge. They’re the ones who will pull ahead and stay ahead when the digital transformation goes into full swing.
Jon D. Markman


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Stake UK, the crypto gambling company that sponsors Everton FC, has been hit with a $400m (£346m) lawsuit from a former business partner of its founders, alleging they stole it and put it out of business.
According to court files obtained by the Guardian, Florida-based Christopher Freeman claims to have been the mastermind behind Primedice, Stake’s predecessor company, which is now valued at more than $1 billion.
Freeman claims to have founded Primedice with school friend Bijan Tehrani and Ed Craven, who now run Stake.
The company has gone from total obscurity to one of the fastest growing gambling brands in a few years, boasting a partnership with platinum-selling rapper Drake and sponsorship contracts with Ultimate Fighting Championship (UFC) and F1 driver Pietro Fittipaldi.
It also sponsors Watford Club and is among the abundance of gambling companies, many of which do not have a presence in the United Kingdom, which sponsors English and Scottish football.
According to Freeman’s account, which the company vehemently denies, the trio built the company together, but Tihrani and Craven pushed him away little by little, using bullying and illegal tactics.
The basis of the dispute relates to the origin of the bet. Freeman says his idea was to expand Primedice into a more comprehensive crypto casino.
Tehrani and Craven say they claimed to be more interested in starting a traditional online casino, using “fiat” currency. Eventually, Craven and Tehran built a crypto casino, which became Stake.
Freeman claims that the work was created using his ideas, as well as Primedice money that was legitimately owned by him. He’s demanding a full audit of Stake’s assets to see what he’s owed, which he claims could be more than $400 million.
A spokesperson for Stake said his claims were “internally inconsistent, intentionally misleading, and provably wrong”.
They added that “this recording is a desperate attempt to spread false information and extort money about which Freeman does not claim.”
“The company does not intend to succumb to this type of extortion, and is confident that these completely frivolous allegations will be dismissed by the court in due course.”
Freeman also claims that Stake is not only aware of, but encouraged by, the use of virtual private networks (VPNs), by customers who want to gamble with Stake but cannot do so legally.
VPNs create a spoofed computer website, allowing users to gamble with cryptocurrency in countries where it is illegal to do so. Freeman’s claim refers to the United States. Gambling with cryptocurrency is also illegal in the UK.
Stake denied accepting money from law-breaking bettors with the VPN, saying that it “complies with all applicable laws.”
“As with all businesses in this sector, Stake is facing unauthorized users trying to evade geo-blocking through the use of VPNs,” she said.
“The company has implemented strict compliance processes that go beyond simple geo-blocking, including know your customer [know your customer] and other anti-money laundering measures.
“For example, customers who attempt to use VPNs to evade geo-blocking will be prevented from depositing funds as per KYC requirements.”
He also mentioned responsible gambling measures, such as offering free blocking programs to customers for people who want to stop themselves from gambling.
Last month, The Guardian reported that Everton Club told Stake to stop using the club’s brand in a promotion offering a $10 free bet to anyone who bets on $5,000 a month.
More than 30,000 Everton fans earlier signed a petition urging the club to end its partnership with the gambling company.


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Japanese Honda Motor Co said Tuesday that it will end car production in Argentina next year in the framework of global changes in the distribution of production between regions.
Honda said that its plant in Campana in the province of Buenos Aires, which produces a model of the HR-V will deal exclusively with the production of motorcycles. Honda began producing motorcycles in Argentina in 2006, and the production of cars started in 2011.
Answering questions to Reuters, Honda said that the decision was part of a global reorganization of production cars and was not connected with results of primary elections in Argentina on Sunday.
About 1,000 employees work at the Honda Argentina, and the company is negotiating with the local Union to offer compensation for staff engaged in car production, said in a statement.


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IBE Berlin 2020 Was Cancelled, But You Shouldn’t Miss These Products From It That Make Staying At Home Better
Due to the growing COVID-19 health crisis, Indie Beauty Media Group co-founders Nader Naeymi-Rad and Jillian Wright made the very difficult decision last month to cancel the second Indie Beauty Expo Berlin that would’ve taken place from March 25 to 26 at event venue Station Berlin. The nearly 70 brands from around the world that were slated to exhibit at the trade show operated by Beauty Independent’s parent company are navigating the new reality for emerging beauty businesses selling to consumers stuck at home as they comply with government-mandated shelter-in-place orders. We’ve rounded up standout products from them that make sheltering in place a little less stifling.
VitaJuwel: German company VitaJuwel’s water bottles are designed to vitalize water with gemstones. Now, the brand has two-gallon dispensers to serve as handsome reminders to stay hydrated. “People over the last 500 years have always used crystal elixirs to benefit from the gems’ natural energy,” says Jan Eisen, CEO of VitaJuwel USA. “There are stones that have traditionally been used to support open-mindedness, clarity and protection like in our Guardian blend. Others are said to be calming, balancing and relaxing like in our Wellness blend. And, most importantly, optimism like in our Happiness blend. All of that is tremendously helpful in uncertain times like these.” Constructed with colorful crystals, Vitajuwel’s water bottles, decanters and dispensers are pieces of art. Quarantined consumers may appreciate something pleasing to glance at during their 20 daily trips—or more—to the kitchen.
Bears With Benefits: Vitamin D is called the sunshine vitamin because human skin produces it in response to sunlight. With people spending hours upon hours indoors, they may be considering increasing their vitamin D supplementation, especially because the benefits of the nutrient increase increased immunity and decreased depression, very apropos amid the pandemic. Launched in Germany is 2018, Bears With Benefits has a range of tasty gummy vitamins, including Hey Sunshine Vitamin D. Its gummy bears are packed with 2,000 international units or 50 micrograms of vitamin D and don’t have to be taken daily.
Onedaybaby: In case you haven’t heard, everyone is supposed to be washing their hands a ton and for at least 20 seconds. Onedaybaby has elegant, organic and vegan Softsoap alternatives to turn to pandemic or not, and hand creams to soothe hand washing-induced skin irritation. Sabine Enders launched the lifestyle brand last October with four personal care products: The Mild & Mellow One Hand Wash, The Mild & Mellow One Hand Cream, The Fresh & Funny One Hand Wash and The Fresh & Funny One Hand Cream. The Mild & Mellow scent is infused with pink peony and white musk, and The Fresh & Funny scent is a zesty mix of apple blossom and cedar wood. The items can be purchased separately or in scent duos on Onedaybaby’s website, which also features pop-art prints from graphic artist Silvie Bomhard.
Smile Makers: During the pandemic, there’s been a spike in sex toy sales, and Smile Makers is one of the brands that’s benefited. In February, the brand’s marketing manager Cecile Gasnault reports it started to experience climbing sales in Singapore as the country was seeing COVID-19 cases and implementing measures to stop the spread of the virus. When measures extended to North America and Europe, sales rose there, too. Gasnault posits that, faced with the prospect of remaining at home for an unknown period of time, many people are looking for ways to cater to their sexual wellbeing. She says, “This illustrates very pragmatically a fact that some longstanding taboos would have us forget: Sex is an essential part of life, and it has a documented impact on our physical and mental health.”
For first-time vibrator buyers, Gasnault recommends a Smile Makers vibrator that provides clitoral stimulation because “70% of women need clitoral stimulation to climax, but we tend to think of penetrative products when it comes to vibrators.” The brand’s bestseller in the clitoral stimulation category is Fireman, and she suggests the Millionaire for those curious to try both external and internal stimulation. For nearly a decade, Smile Makers has been creating vibrators priced under $100 made from food-grade, cryogenically-polished silicone.
ION-Sei: With consumers paying attention to their hygiene during the coronavirus crisis, oral hygiene may get a closer examination. The brand ION-Sei is responsible for one of the most innovative toothbrushes on the market. Powered by bacteria-killing technology, the electric toothbrush melds Japanese and German design and harnesses patented LED light technology to generate negatively-charged ions that draw plaque away from teeth. The toothbrush’s price tag of 150 euros or roughly $162 at the current exchange rate isn’t cheap, but ION-Sei promises a clinically-proven clean that leads to less plaque, gum disease and bad breath, and it has a history of delivering results. ION-Sei was launched in 2018, but its manufacturing pedigree goes back decades. The Japanese company Sanyei, which has been producing household goods since 1946, is behind the brand.
Sleep.ink: The tectonic shifts in life that are currently happening can leave people stressed and unable to sleep. To help them snooze, consumers are hunting for drug-free sleep remedies. Launched in 2017, Sleep.ink’s natural Sleepdrink is formulated with a blend of melatonin, calming herbs like lemon balm and hops, and tart cherry juice to work quickly. “Our mission is to create high quality and functional sleep aids without adverse effects,” says co-founder Malte J. Gützlaff. “We’ve seen a rising demand for the last few weeks. It seems that people’s sleep is getting worse these days.” Sleep.ink had planned to introduce new sleep teas Relax and Gute Nacht at IBE Berlin, but it’s postponed the launches for later in the year. For now, it’s focused on online sales to get its sleep products in the hands of exhausted consumers.
To learn about more IBE Berlin 2020 exhibitors, join IBMG co-founder Jillian Wright on IBE’s Instagram Live spotlighting brand founders on April 14 at 1pm ET.


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The Planning Institute of Jamaica (PIOJ) yesterday, September 9, 2020, at a virtual press briefing, reported that Jamaica’s economy “contracted by an estimated 18.0 per cent in the April to June 2020 quarter compared with the corresponding quarter of 2019”.
According to the PIOJ’s Review of Economic Performance April–June 2020 — details of which PIOJ Director General Dr Wayne Henry outlined during the briefing — the downturn in economic activity for the period under review reflects, to a large extent, the impact of Government-implemented measures to manage the spread of the coronavirus (COVID-19) pandemic.
The measures included the closure of Jamaica’s international borders to tourists, closure of schools and the execution of stay-at-home/work-from-home orders, the enactment of curfews, and the implementation of physical distancing in public spaces.
Henry noted that the impact of the measures would have “dampened the demand for goods and services” and limit recreational and entertainment activities, thus negatively impacting restaurants.
Notwithstanding, the PIOJ director general pointed out that the negative growth was consistent with trends in other economies, including Jamaica’s trading partners and Caricom counterparts.
“Globally, similar negative outturns were recorded for many countries as a result of the impact of COVID-19 and the measures implemented to curtail the spread of the virus. An examination of the economic performance in some of Jamaica’s trading partners revealed that the economies of the USA, Canada and the United Kingdom recorded contractions of 9.6 per cent, 13.0 per cent and 21.7 per cent respectively, during the review quarter compared with the similar quarter of 2019,” Henry said.
Overall, the goods-producing sector shrank by approximately seven per cent, according to the PIOJ Review of Economic Performance April–June 2020, with the mining and quarrying industry suffering the most adverse impact.
Contracting by 25.2 per cent, the decline in the mining and quarrying sector continues to experience negative growth due to the closure of the Jiquan-Alpart Alumina Refinery in St Elizabeth, rather than because of COVID-19.
At the same time, the agriculture industry recorded an 8.5 per cent falloff in production as there was a “lower level of output” Jamaica’s traditional export crops — sugar cane (-20.3), banana (-6.9), coffee (-40.9), and cocoa (-43.7).
“Sugar cane production was impacted by the non-operation of a major sugar factory and logistical challenges faced by farmers to transport the cane to other factories,” Henry explained.
On the other hand, the closure of hotels and reduction in tourism-related activities weakened demand for coffee and cocoa products, the review added.
The manufacturing and construction industries, meanwhile, experienced the smallest declines of 2.9 per cent and 3.0 per cent, respectively.
Without a doubt, the downturn in tourism activity was the most significant contributor to the 20.6 per cent dip in the services sector.
The hotels and restaurants industry recorded a 87.5 per cent contraction, “reflecting a sharp decline in visitor arrivals and the number of
persons utilising restaurant services.
“This led to a significant fall-off in stop-over arrivals by 98.9 per cent to 7,188 visitors,” Henry pointed out further, adding that visitor spending fell dropped to US$16.2 million, or by 98.1 per cent, for the April–June 2020 period.
While the electricity and water supply industry and finance and insurance industry also contracted — 8.8 per cent and 3.0 respectively — they fared better than others sectors in the services category.
Also taking heavy hits during the reference period were transport, storage and communication, which fell short by 29.6 per cent, and wholesale and retail trade, which lost 20 per cent in productivity year over year.
In terms of projections for FY2021/22 , the director general said the PIOJ anticipates a return of growth in output during the period as the Alpart refinery reopens and with the impact of the COVID-19 pandemic on economic activities reducing overtime.
Nevertheless, Henry said he cautiously expects GDP levels will recover around two years after the pandemic.


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About 900 black industrialists received financial support totalling R44 billion over the past six years that the black industrialist programme under the department of trade, industry and competition has been running. The programme defines black industrialists as black individuals who are directly involved in the creation, ownership, management and operation of a business.
The bulk of the R44 billion consisted of loans that were to be paid back at interest rates below market rates.
“Some of the money was equity – where the Industrial Development Corporation [IDC], for example, took a small shareholding in a company to inject capital – and some of it comprised grants, where the department made money available to a black industrialist as a contribution to building their capital base,” says Trade, Industry and Competition Minister Ebrahim Patel.
The department works together with the IDC and the National Empowerment Fund to provide loans and grants to black businesses. This year, R6 billion has been set aside to finance the programme, though Patel adds that government has offered much more support than what has been budgeted for.
We’ve decided that all targets must be evidence-based, so the research project we’re looking at now will give us a much better sense of what the ratio of budget is for a successful company. When we simply chase numbers and those companies fold, we may have ticked the box, but we’ve achieved nothing.
Patel says his team is trying to shift the focus of BEE from the original aim of simply addressing historical race-based discrimination.
“We’re trying to change our story to one of how we can use the entrepreneurial energy of black South Africans to grow the economy. From now on, our focus won’t be on what we put in – it will be on how we can get the maximum out for the economy. The kind of projects we back will increasingly reflect that.”
About 70 000 jobs are said to have been created by businesses that are owned and controlled by black entrepreneurs. There are reportedly 337 000 black entrepreneurs in the formal economy and 1.3 million in the informal sector. In general, black entrepreneurs have injected R160 billion into the economy over a 12-year period.
UNSTABLE POWER SUPPLY STIFLES GROWTH
Government has admitted that an unreliable electricity supply will stifle the growth of businesses and the economy at large.
Speaking on Wednesday at the Black Industrialists and Exporters Conference, which aims to gauge the progress of the black industrialist programme, President Cyril Ramaphosa said:
In particular, we need to act decisively and urgently to end the load shedding that’s causing such damage to our economy and such disruption to our society. Like all other actors in the economy, black industrialists simply can’t grow without a reliable supply of affordable energy. We’ve done much over the past four years to transform the country’s energy landscape and bring new generation capacity online.
His comments came as South Africa experiences the worst round of load shedding since 2020, as well as the destruction of public infrastructure, including the rail network and the country’s ports.
Ramaphosa also encouraged delegates to have a frank discussion about impediments to the expansion of black business, not just from government, but from the private sector as well.
“I invite you to also talk about how government embarks on processes that, for instance, prevent and even destroy your growth. I know for a fact that one of the issues you want to raise – and you must raise it – is that, when you transact with government, we’re able to give you opportunities, but at the same time, we destroy you by not paying you on time or not paying you at all. We need to talk about that frankly and openly, as we’re making efforts to solve this problem of nonpayment or late payment by government,” said Ramaphosa.
LATE PAYMENTS A BIG PROBLEM
The president’s words came three years after he had made a commitment that government would pay suppliers within 30 days.
On Friday, National Treasury said there was a 63% improvement in the number of invoices older than 30 days and not paid at the end of the 2021/2022 financial year, which amounted to 134 invoices to the value of R5 million, when compared with 358 invoices to the value of R426 million reported at the end of the 2020/2021 financial year.
As long ago as May 2010, Treasury emphasised this requirement, stressing that noncompliance could be grounds for charges of financial misconduct.
Gloria Serobe, Wiphold’s co-founder and executive director, who is also a member of the new broad-based BEE advisory council, said on the sidelines of the conference that 12 years down the line, late payments were still a big issue.
It’s a horror story. People have been liquidated because of late payments. For suppliers to say they’d rather not accept government business for that reason is a sad story. It’s a complex issue because one has to deal with bureaucracy anyway. But there are all manner of [reasons for suppliers going insolvent because they weren’t paid on time]: either there’s a cut that’s required or they need to pay somebody.
HOPING FOR HELP
Despite the challenges, many delegates at the conference were not deterred by government’s shortcomings and remained hopeful about the future of their businesses. Others, however, said their situations were perilous.
A clothing manufacturer from KwaZulu-Natal who owns a small cut, make and trim factory, said her main challenges were inexperienced workers and that her small company, with a turnover of about R1 million a year, did not have the means to offer proper training to them while producing garments to meet the demands of her clients.
“We small factories employ people from the streets who don’t have experience. Experienced workers are comfortable in big factories that offer a package, which I can’t compete with. Design schools aren’t giving us the skills that one can plug and play. I can’t put a person with a clothing design qualification on a machine. They can sew, but not at the speed that optimises my factory, where we run a fast production line.”
LARGE BUSINESSES ALSO SUFFER
Not only small and medium-sized enterprises were seeking government’s attention and assistance, but established organisations as well, such as the Lion Match group, which has been in existence for about 100 years and employs hundreds of workers.
Executive director Zain Abdoola said the company, which has a 75% share of the domestic market, had seen a 10% dip on average in the demand for matches due to electrification, cheaper imports and low tariffs on imports that had negatively affected its business.
Abdoola said a rise in input costs such as electricity and water, and persistent load shedding, had affected production and machinery. On the other hand, load shedding had increased the demand for matches a bit.
“We need higher tariffs for imports to sustain our company because we’ve been driven by greatly increased costs these past couple of years. We need that to be challenged and to be taken to a level where we can compete in the market,” he said.
He explained how the company had nearly shut its doors five years ago over a labour dispute.
It’s becoming harder and harder to maintain our factory because it goes through the full process of splints of the cardboard manufacturing to the final product.


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Kenyan President Uhuru Kenyatta was joined Tuesday by a large delegation of Chinese officials to inaugurate new cargo service on the Mombasa to Naivasha line of the country’s new Standard Gauge Railway.
This new line is intended to transport goods from the Inland Container Depot in the Rift Valley to the Port of Mombasa, enhancing interior access to the coast.
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Amazon Goes Green, Rolls out 10,000 Electric Delivery Van
Many people have bought at least an item or two from Amazon, and some Prime members have regular deliveries from this online retailer. But the carbon emissions from all of those deliveries really add up, and it has become a big problem for the planet. As part of its sustainability pledges, Amazon has unveiled an all-electric delivery vehicle to reduce carbon emissions. The company’s plan is to have 10,000 of these electric delivery vans on the road by 2022.
By 2030, Amazon plans to expand its fleet to 100,000 electric delivery vehicles. The company has committed to the Climate Pledge to reach net-zero carbon by 2040. This first electric vehicle is a start.
“We wanted drivers to love using it and customers to feel excited when they saw it driving through their neighborhood and pulling up to their home,” said Ross Rachey, director of Amazon Global Fleet and Products.
The custom vehicle has many features to feel excited about. In addition to being fully electric, the vehicle has sensor detection, traffic assist technology and exterior cameras that provide a 360-degree view. Alexa is integrated into the vehicle for hands-free access to traffic info and weather updates. The driver’s side door is made to be extra strong to provide added protection.
“We’re trying to build the most sustainable transportation fleet in the world,” Rachey said.
Amazon worked with Rivian to create these electric delivery vehicles. Rivian produces emissions-free electric vehicles right outside of Detroit.
“We are focused on driving efficiency into every aspect of the vehicle design — everything from cabin heating to driver ergonomics to drivetrain design has been optimized for time and energy,” said Rivian’s CEO, R.J. Scaringe.
The new delivery vehicle can drive for 150 miles on a single charge, a range that makes it extremely competitive.


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Venture Atlanta will be hosting one of the Southeast region’s “go to” venture capital events for 2019 on October 16th and 17th. Now in its twelfth year, this event has helped launch over 350 companies and secure more than $4.3 billion in funding from over 200 national investor funds.
This year Venture Atlanta received 50 percent more applicants than last year and will highlight companies from 10 states spanning from Texas to Virginia.
According to Paul Iaffaldano, managing partner of BIP Capital and head of the Venture Atlanta selection committee, “With over one-third of the presenting companies coming from outside Georgia, Venture Atlanta is becoming Venture Southeast.”
Much more than a regional group of investors
Atlanta has a thriving investment community including this year’s premier sponsor Cherry Bekaert, and headline sponsors, Nelson Mullins and SunTrust. However, Atlanta’s ecosystem is not bound by regional constraints, as evidenced by past Venture Atlanta investments from leading VCs and investment firms like Accel, Battery Ventures, General Catalyst, Greycroft, and Revolution.
This year’s keynote speaker is Aaron Levie, the CEO, co-founder, and chairman of Box. The program also includes a panel moderated by Stephanie Cohen, chief strategy officer of Goldman Sachs, where she will explore what strategy and corporate development leaders are looking for, trends in the market, and her firm’s process for evaluating deals.
The event is also a significant draw for corporate development executives who count on the venture community to help fuel their innovations. Venture Atlanta will this year feature, among others:
Some out of the ordinary early-stage companies and startups to explore
The Southeast region always draws founders in the areas of payments, blockchain, logistics, and supply chain, but other new trends in the world have driven some of this year’s applicants. Standouts from the early-stage group include:
In the startup arena, you’ll find companies including:
For a full list of profiled companies, sponsors, speakers and more, visit the Venture Atlanta Conference page. Maybe I’ll see you there.


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“We think a free iPad is the perfect way to reward our shoppers, and we see this giveaway as a great opportunity to connect with our customers on the web.” Andy Newlin, eCommerce director at Sierra Trading Post.
Cheyenne, WY (PRWEB) June 14, 2010
Multichannel retailer Sierra Trading Post announces that they are giving away a free 32GB Apple iPad with Wi-Fi and 3G for the ultimate mobile web experience.
“The Apple iPad is the hottest handheld on the market, and we know it is on everyone’s mobile-web wish list,” says Andy Newlin, director of eCommerce for Sierra Trading Post. “We think a free iPad is the perfect way to reward our shoppers, and we see this giveaway as a great opportunity to connect with our customers on the web.”
With a growing number of proprietary iPad apps, and the ability to seamlessly integrate the huge library of iPhone® apps, the Apple iPad is the revolutionary, tablet-sized solution for on-the-go movies, books, online shopping, feeds, and social media sites like Facebook and Twitter. It is the handheld to have for those who want the web to tag along wherever their day leads.
“We know customers love being able to shop whenever and wherever the time becomes available, or the opportunity for a great deal pops up,” says Newlin about the rapidly increasing popularity of mobile access to the web. “We have already seen accelerating growth numbers for mobile customers on SierraTradingPost.com, so we know people want to shop with us on the go. A free Apple iPad is the perfect accessory for the mobile customer.”
Registering for a chance to win is as easy as clicking through http://www.sierratradingpost.com/lp2/ipad-give-away.html and following the instructions. Entering the giveaway means customers will receive valuable DealFlyer eCoupons for monthly free shipping offers, huge Top Secret sales and extra discounts.
About Sierra Trading Post
Headquartered in Cheyenne, Wyo., Sierra Trading Post is a multichannel retailer known nationwide for offering “Great Deals. Great Brands.” Sierra Trading Post purchases brand name overstocks, closeouts and 2nds, and passes the savings on to its customers – selling outdoor gear, shoes, men’s clothing, women’s clothing, accessories and home furnishings at 35 to 70% savings every day. A top 100 Internet retailer in sales per Internet Retailer Magazine, Sierra Trading Post operates four outlet stores in Boise, Idaho; Reno, Nev.; Cheyenne and Cody, Wyo.; with customer service call centers located in Cheyenne and Cody.
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Elon Musk hilariously replies under a tweet that points out the US administration doesn’t acknowledge Tesla in any way. Since the beginning of Biden’s administration, the government has been pushing electric vehicle manufacturing. While Tesla topped the most American-made vehicle this year, the US leaders haven’t acknowledged Tesla’s existence.
US president Biden and Vice President Kamala Harris have been promoting the importance of electric vehicles. However, despite acknowledging automakers like General Motors, Ford, and Stellantis, they haven’t mentioned Tesla at least once. This was pointed out by Davi Sacks, saying that they are gaslighting Tesla. To which Elon Musk replied saying “Maybe they are NPCs and Tesla just isn’t in their dialogue tree?” Which turned out to be hilarious.
Let’s see if we can get them to say the word “Tesla”!
— Elon Musk (@elonmusk) November 22, 2021
Furthermore, Elon musk adds, saying “Lat’s see if we can get them to say the word, Tesla. As recently as November 18, President Joe Biden tweeted saying that he drove one of the most incredible vehicles. It was in reference to his ride with Ford F-150 Lightning. Biden has already driven the vehicle earlier when he met Ford’s CEO, Jim Farley.
As a lot of folks know, I’m a car guy. I’ve gotten a chance to drive some pretty incredible vehicles over the years, but I never could have imagined ones like the electric vehicle I took for a spin today.
The future is electric – and it will be made right here in America. pic.twitter.com/foX0ydM6mo
— President Biden (@POTUS) November 18, 2021
Biden’s sentiments were later echoed by VP Kamala Harris, who also noted that the United States would be building electric vehicles, including the batteries and parts that go in them, instead of relying on other countries. Just like the President, she also noted that the “future will be made in America.” This resulted in numerous netizens poking fun at the Vice President, stating that the future is already being made in America by Tesla — for over a decade. Other Twitter users further joked that Harris might have simply never seen a Tesla, despite serving as California’s attorney general from 2011 to 2017.
With the Bipartisan Infrastructure Law, we’re going to build electric vehicles—and the batteries and parts that go in them—in the United States, instead of relying on other countries.
The future will be made in America.
— Kamala Harris (@KamalaHarris) November 20, 2021
This suggestion inspired numerous responses on Twitter and other social media platforms, with some EV supporters noting that it would be interesting to have numerous Teslas conduct a drive to Washington. Other suggestions were more humorous, with some noting that Musk should personally invite Biden to Giga Texas’ opening ceremony, and if the President ignores the invitation, the Tesla CEO should simply have a life-sized cardboard cut-out of the politician “attend” the event instead.
Overall, Musk seems to be taking the administration’s evident Tesla snub in stride, which is a pretty good sign on its own. At this point, after all, Tesla appears to have already reached a point where it is already a stable business that could stand on its own two feet, even without the help of regulatory credits. And with more factories opening in the near future in the form of Gigafactory Texas and Giga Berlin, Tesla’s presence would likely be acknowledged worldwide, even if its existence is flat out denied by the US President and the current administration.


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SWIFT Go enables banking institutions to provide a seamless payments experience for low-value transactions, which are frequently launched by SMEs paying overseas suppliers and consumers transferring money to friends and family.
FREMONT, CA: New service facilitates businesses and consumers to send payments in seconds with full transparency and robust security; SWIFT Go is a chief building block in the co-operatives strategy to allow instant and frictionless cross-border transactions; seven prime global banks already live with the service.
SWIFT, a leading provider of secure financial messaging services, recently announced the debut of SWIFT Go, a game-changing new service that allows small businesses and people to transmit low-value cross-border payments anywhere in the world, instantly from their bank accounts, in a fast, predictable, highly secure, and competitively priced manner. The service is already used by seven major banks, which handle 33 million low-value cross-border payments per year.
Stephen Gilderdale, Chief Product Officer, at SWIFT said: “SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world. The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments. Our new service will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers.”
SWIFT Go enables banking institutions to provide a seamless payments experience for low-value transactions, which are frequently launched by SMEs paying overseas suppliers and consumers transferring money to friends and family. SWIFT Go empowers banks to provide their end consumers with a fast and predictable payments experience with upfront insight on processing times and costs by leveraging tighter service level agreements between institutions and pre-validation of data.
SWIFT Go relies on SWIFT gpi’s high-speed rails, which have revolutionized the speed and predictability of high-value payments. The service is another step forward in SWIFT’s ambition to enable quick and seamless transactions between accounts on its network, which connects more than 11,000 institutions and 4 billion accounts in 200 countries across the world. It will improve banks’ ability to service their customers in the fast-growing small business and consumer payments areas.
SWIFT Go is based on five fundamental pillars that were developed in close collaboration with the worldwide SWIFT community:
Speed: Tighter service levels between banks boost speed. A single payment format improves straight-through processing, while pre-validation services reduce friction that causes delays.
Predictability: A payment’s amount, time, fees, and FX rate are all known ahead of time. The status of payment can be tracked in real-time by both the sender and the receiver.
Easy to Use: The user experience is smooth and simplified, with data requirements are known upfront. SWIFT Go payments are simple to initiate and complete, thanks to strict network validation.
Competitive Pricing: Processing fees are agreed upon in advance between financial institutions so that their customers can have complete transparency; greater straight-through processing lowers processing costs even further.
Security: Senders and receivers may rest easy knowing that the SWIFT network’s robust security protects payments. BBVA, Bank of New York Mellon, MYBank, DNB, Sberbank, Société Générale, and UniCredit are among the seven largest global banks that have gone live with SWIFT Go.
Raouf Soussi, Head of Enterprise Payments Strategy of Client Solutions, BBVA said: BBVA is very excited to be one of the first banks to sign up to SWIFT Go. We recognize the potential of this solution to revolutionize the way SMEs and consumers move money around the world. We have listened closely to our customers, and we know how much they value a secure service that ensures payments reach their destination quickly and seamlessly.”
“It is no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments. These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with SWIFT Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast and predictable payments experience to their customers,” added Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of New York Mellon.
“SWIFT gpi has become the benchmark for high-value cross-border transactions and we are confident that SWIFT Go will be equally as transformative for SME payments. By providing for instant, seamless transactions within one of the highest growth areas of our industry, we expect that adoption of SWIFT Go will be widespread and that it will quickly be established as the industry standard for lower value transactions,” said Feng Liang, Deputy CEO, MYBank.
Jean-François Mazure, Head of Cash Clearing and Correspondent Banking, Société Générale said: “As customer expectations for faster payments evolve, the correspondent banking industry requires a solution to more competitively process SME and consumer payments. SWIFT Go fits perfectly with it, allowing us to provide an outstanding experience to our customers with predictable, seamless, and frictionless low-value cross-border transactions reaching beneficiaries accounts quicker than ever.”
“UniCredit has long been a keen supporter of innovations within payments that deliver excellent outcomes for end-customers, and as such we are very proud of our involvement in SWIFT Go. This is a service that will lead to real benefits for SMEs and consumers, allowing them to enjoy the speed, predictability and transparency that SWIFT gpi has brought to high-value transactions,” added Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade, UniCredit.


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11 Strange, Wild Ways Biotech Is Going to Change Our Future
The next generation of inventors, tinkerers, and experimenters aren’t using silicon chips to power new developments – they’re using DNA.
No less an authority than MIT Media Lab founder Nicholas Negroponte has declared, “Biotechnology is the new digital…”
Check out 9 of the strange, wonderful ways synthetic biology is going to change our future.
Boston’s Gingko Bioworks launched in 2008 to custom-design synthetic organisms for the food, cosmetic, and fragrance industries. In the decade since, Gingko has radically expanded their scope – today, they’re working on developing crops designed to fertilize themselves.
The Franken-wine from Ava Winery isn’t produced from grapes. Instead, the San Francisco-based startup combines precisely-determined flavor molecules with water, sugars, and ethanol to create a sustainable replica of much pricier quaffs. They hope to launch this year.
Modern Meadow creates biofabricated leather material without ever involving an animal. The vegan-friendly fashionistas genetically engineer a strain of yeast to form a protein identical to bovine collagen. In 2017, the company debuted a fashion line made from the product, Zoa, at the Museum of Modern Art.
Meet Petunia Circadia, from Revolution Bioengineering, “a flower that changes color continuously throughout the day, from pink to blue and back again.” The team has created prototypes by altering the expression of anthocyanins, which give flowers their color.
Brooklyn’s Afineur combines beneficial micro-organisms with raw coffee beans to create Cultured Coffee, a brew that they promise won’t give you the jitters, tastes better, and contains extra bioactive compounds. 5 ounces of the beans will run you $20.
CustoMem uses bioengineering to create, in effect, industrial-scale Brita filters for waste water. The company manufactures biologically synthesized materials designed to remove micropollutants such as pharmaceuticals, chemicals, and pesticides.
Turning DNA into data is no longer the domain of labs or universities, thanks to Chai, a DNA diagnostics device which is targeted to “biohackers, students, [and] scientists on a budget.” Costing a mere (relatively speaking) $3,750, the tool integrates with Mac or PC and promises results in as little as 15 minutes.
Perfect Day Foods
One of many entrants in the bio-engineered food space, Perfect Day Foods creates animal-free dairy proteins to be used as a base product for cheese, yogurt, milk, and more.
Sign up for Uncubed Intel to receive the best tech news, career advice, and jobs.


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Back in June, the National Highway Traffic Safety Administration said it was considering options to speed up replacement of defective shrapnel-shooting Takata-produced airbags linked to eight deaths and hundreds of injuries. Today, the agency announced it will hold yet another public meeting next month, a move that signals the agency’s latest step in taking control of the massive recall effort. [More]
John and his fiancÃ©e wanted some fast food for dinner, and went to the drive-thru at their local Sonic. But they didn’t get any food. They didn’t get served at all, because the restaurant suddenly closed for a mysterious meeting that left confused customers to head elsewhere for their dinner.
It’s a good week for consumer protection against abusive credit card practices. Yesterday, the House Financial Services Committee approved the Credit Cardholders’ Bill of Rights, and this afternoon President Obama is meeting with officials from 14 credit card companies to tell them “that greater consumer protections are coming for their customers, with or without their cooperation.”


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- Sony trots out new PCs [CNET]
"This summer, company will release a pocket-size PC and a wide-screen notebook with Blu-ray and DVR functionality."
- Deadline Set for Wireless Internet in Parks [NYT]
"New York City officials set a July deadline for a contractor to have a free wireless network working in Central Park."
- Patent Holder Sues Apple Over iPod Software [NYT]
"Creative Technology Ltd., a distant No. 2 to Apple Computer in the music player market, said that it had filed patent complaints against Apple in federal court."
- Skype Changes Dial-Up and Mobile Pricing [NYT]
"eBay Inc.'s Internet telephone subsidiary has stopped charging users for dialing up people on traditional landline and cellphones in the U.S. and Canada."
- Yahoo homepage to get make-over [BBC]
"Search giant Yahoo is revamping its home page to introduce customisation tools for visitors."
- Credit card security rules to get update [CNET]
"New rules for credit card-accepting businesses will put more scrutiny on software, but let them off the hook on encryption."
- The good, the bad and the funny at E3 [CNN]
"It was the best of times, it was the worst of times. Naturally, I'm referring to the Electronic Entertainment Expo, or "E3" — the world's largest video gaming convention held each May in Los Angeles — that is equally as exhilarating as it is exhausting."
- Gates: The PC is alive and well [CNN]
"Microsoft and Intel CEOs say the personal computer is far from obsolete, despite a decline sales, competition from mobile devices such as Apple's iPod."
- Analysts: Apple phone the right call [Macworld]
"Speculation of an Apple branded cell phone is not new, but analysts believe it's a good road for the company to take for the future of the iPod."


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Families can enjoy festive crafts and write their letters to Santa at the Dolphin Shopping Centre in Poole.
Santa’s Post Room will open every Saturday and Sunday in the lead up to Christmas Day starting from this Saturday, November 30. Children and their families will be able to enjoy a host of free activities between 11am and 4pm in the dedicated festive unit on the first floor opposite Wilko. The festive activities will be taking place on November 30, December 1, 7, 8, 14, 15, 21 and 22.
Elves will be on hand to provide entertainment, arts and crafts, games and dressing up as well as providing post office duties in their North Pole Post Office for the children’s Christmas wishlist letters. Following the crafting fun and games, children will have the opportunity to meet Santa himself ahead of him delivering presents on December 25.
John Grinnell, Dolphin Shopping Centre manager, said: “We are excited to welcome families and give them the chance to visit Santa in his post room at the Dolphin Shopping Centre. He is looking forward to hearing about what is on children’s Christmas wishlists.. His mischievous elves will also be on-hand to help children to make a range of Christmas crafts for them to take away and decorate their homes with.”
Shoppers can enjoy a host of decorations throughout the Dolphin Shopping Centre including the popular ‘King of the Forest’, a six-metre lit-up stag outside the Beales department store, and Forest Holme Hospice’s iconic Tree of Remembrance outside Marks & Spencer. Shoppers will be able to dedicate a Light Up a Life star in memory of a loved one each day until Wednesday, December 18 in exchange for a donation to the good cause.
For more information about the Dolphin Shopping Centre, visit www.dolphinshoppingcentre.co.uk


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Scotch whisky sunglasses – whatever next?
Glenmorangie claims to have introduced the world’s first scotch whisky sunglasses.
The single malt whisky brand has partnered with British sunglass company Finlay & Co. to create sunglasses made from the staves of whisky casks.
Finlay is not just any old sunglass maker. The south west London company majors on hand crafted frames.
The LVMH-owned whisky brand majors on its pioneering approach to cask and wood management, led by its director of distilling and whisky creation, Dr Bill Lumsden. Hence using first fill and second fill ex-bourbon barrels, which are the essence of the flagship Glenmorangie 10 Year Old.
Apparently 1,843 pairs were made from the barrel staves. That ties in with the founding date of the distillery. They retail for a sobering £300 a pair.
Each pair will be designed to display its unique grain and natural finish, will be numbered and will have the option to be personally engraved for each customer.
Lumsden said: “This is a wonderful collaboration between two brands with a deep connection to wood and who share a similar ethos of being unnecessarily well made. Time, care and respect for the wood used in our casks.”
Finlay managing director David Lochhead, said: “For this collaboration we were excited to give each cask a new step in its story. There is a real beauty to the American oak that Glenmorangie use for their casks. It’s a thrill to strip this wood down and reveal the unique grain on every individual pair.”
By Christian Davis, Drink International
© Водочный редакторЪ vodka-redactor.org


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|Save||Go to Replacement product|
|Series||Premier Line Series|
|Chip Inch Size "||1/3|
|Mount Type||Wall, Corner|
|Picture Elements HxV||512 x 492|
|Electronic Shutter range||1/60–1/100,000 sec|
|S/ N (Signal/ Noise) Ratio dB||48|
|Signal Mode||PAL, NTSC|
|Electrical Specifications||Voltage: 12|
Power Consumption: 120
|Environmental Specifications||Operating Temperature oC: 0~140|
Protection: Weather Resistant, Vandal Resistant
|Model Info||The "Brute" model features a heavy-duty die-cast aluminium case. Lexan window. Entire housing is adjustable on wall/corner mount (included).With 2.5/4/6/8/12 mm lens.|
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A gasoline station is seen as the common worth of gasoline attain all-time excessive at $4.37 per gallon (about 3.8 liters) in Virginia, USA on May 10, 2022. It’s claimed that gasoline prices fluctuate by area.
Yasin Ozturk | Anadolu Agency | Getty Images
Retail diesel and gasoline prices climbed to another record excessive Thursday, as rampant inflation sends prices throughout the financial system surging.
The nationwide common for an everyday gallon of gasoline hit $4.418 on Thursday, in accordance to AAA. The worth just isn’t adjusted for inflation.
Prices had beforehand hit all-time highs on Tuesday and Wednesday.
Consumers at the moment are paying 32 cents per gallon greater than they had been final month, which interprets to $125 million extra per day spent on gasoline, in accordance to GasBuddy’s Patrick De Haan.
Prices on the pump are $1.41 extra per gallon than final 12 months.
The nationwide common crossed above $4 per gallon in March on the heels of Russia’s invasion of Ukraine, and it is remained above that mark since.
California has the best state common at $5.853. In 10 counties throughout the state, common prices at the moment are above $6.
Retail diesel prices additionally hit another record Thursday. The nationwide common for a gallon is now $5.557, which is up 53 cents within the final month.
Part of the surge in prices is due to refiners — which flip crude oil into the merchandise similar to gasoline which might be used day by day — already operating close to full capability.
Refining capability is decrease than pre-pandemic, whereas demand for petroleum merchandise has rebounded as economies all over the world resume operations. Lost merchandise from Russia has additional exacerbated an already tight market.
“All of our refinery margin indicators had been in double-digit territory in April for the primary time, no matter area and complexity,” the International Energy Agency mentioned Thursday. “The present nearly common product scarcity, low inventories and refinery capability bottlenecks have led to inelastic short-term provide, pushing cracks for nearly all merchandise to terribly excessive ranges.”